Background and further information:
This was the first sale of government debt since 2014, when Greece made a brief return to the markets under the centre-right government led by Antonis Samaras.
This was seen essentially as a psychological exercise, given that the country did not need to draw money from the bond markets. The European Stability Mechanism (ESM) was scheduled to keep providing the country with low interest rate loans until the end of the third bailout programme, in July 2018. It was thus an opportunity for Greece to test its credibility on the markets without major risks.
The decision to come back to the markets was taken just after Greece secured the approval from the Eurogroup of a €8.5bn disbursement of the bailout, in time to meet major debt repayments.
Greece announced its return to international debt markets on 24 July 2014, after three years of financial isolation. The country's Debt Management Agency announced plans to sell bonds to be repaid in five years.
|Countries / Regions||Greece|